Liam Fox rubbishes London mayor’s ‘hard Brexit’ report

INTERNATIONAL Trade Secretary Liam Fox has rubbished a report from London’s mayor which warned of a £50billion hit from Brexit.

Dr Fox brushed aside Sadiq Khan’s concerns as “anything other than cataclysmic”.

The London mayor’s research found that a “no-deal hard Brexit” could cost the UK half a million jobs and a £50billion drop in investment.

But Dr Fox told MPs that Britain would not necessarily lose any of its market share with the EU, given the UK’s desire to reach an open agreement with the bloc.

He said of the report and Brexit’s effect on businesses and jobs: “We want to maintain an open agreement with the EU. They will want to maintain an open agreement with us, because we are the fifth biggest economy in the world and a major trading partner for them.

“And of course the report this morning was anything other than cataclysmic. Its worst assessment was less than half the assessment given to us before the European referendum on what our loss of market share might be if there was no deal whatsoever.”